Take your absolute most pessimistic estimate of how much cash you will need to get started and keep the doors open while sales ramp up and double it. Then you might have enough to last the first 6 months. Undercapitalization is what kills >90% of all startups. Failure to pay payroll taxes kills off 90% of the rest.

Get a job in a shop for a while. You may actually hate it in practice. Nothing takes the fun out of a hobby faster than turning it into a job (especially at 70 hrs a week for no pay).

Also Nick, I see you are from Frome. Last time I was in Frome was a little while back, but I was brought up 12miles away.

Frome used to have a couple of bike shops, if I remember correctly. There was one up at the top of town (Raleigh signage) near the theatre, there was also City Cycles (Behind Cheap Street - the one with the stream down the middle if that is what it was called) who sold Emmelle and Scott (I remember this is now gone, but many moons ago I shopped there). Then there is Halfords in the centre, and just up the road a bit there was another shop. If you are looking to start one in Frome, look at the other shops that are there and that have come and gone. Like I said, I don't know which one survives still, but you need to look at if the demand is there.

Also, think of the locality. Nearby, in Warminster, there is Batchelors (at least three years ago it was still there) selling up market stuff as well as more mainstream. There is also the discount bike outlet (or was) on the trading estate. Are these too close for comfort? What about Trowbridge or indeed the 20mile drive to Bath (some good shops) or Bristol (some great bike shops).

If you are still feeling positive about it (and I don't want to put you off) then decide on who, and how you are going to target your market.

Whilst not being an expert about owning or running a shop I do feel that I know a thing or two about the service that the majority of bike shops in our region offer, I'd say go for it nick and don't let too many people try to deflate your dream by rubbishing the idea or telling you that its not commercially viable to enter the bike shop industry.
There is money to be made in this sector, but IMO it has to be approached in the right way, as misses has already stated most bikeshops seem to be woefully under financed in the early stages, leading to poor stock levels and a lack of skilled staff.
I am from your neck of the woods too (Trowbridge) although now I live in Hampshire, you've got a great opportunity to open a great specialist shop to cater for the region, there's not much competition in the high end road and MTB scene as you just can't get much advice and expertise in this area at the local halfords or its equivalent.
Do it properly, with the right skilled staff and i'm sure you'll do well.
Good luck, and keep us informed of your progress!

Go for it by all means, but a word of advice from someone that has been close to the uk cycle industry, get your stock based on what sells (do your homework locally), and not fillthe shop with gucci gear, as this isn't what pays the bills.....
Good luck!

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